August 24: News in pictures
August 24: News in pictures
A bird flies by the Vedanta office building in Mumbai
New Delhi on Tuesday rejected a plan by India-focused mining group Vedanta Resources Plc to mine bauxite in Orissa, a blow to the company already facing hurdles to a planned $9.6 billion energy deal in the country.
London-based Vedanta said last week it had agreed to buy a majority stake in Cairn India from its UK-based parent Cairn Energy, although the country's trade minister said on Tuesday that state-run ONGC should have a say in the deal.
The environment ministry's decision on Vedanta's bauxite project pertains to a mining site in Orissa where Vedanta runs an alumina refinery on bauxite imported from elsewhere in India which keeps the firm's operating costs high. Vedanta's project in Orissa is valued at about Rs 45,000 crore ($9.6 billion).
Vedanta is already facing regulatory hurdles in its bid for control of Cairn India, which would give billionaire Anil
A container ship is loaded at the Container Terminal at the Cochin Port on Willingdon Island in Kerala
India's trade deficit for the current fiscal year that ends in March 2011 is expected to be at least $120 billion, Trade Secretary Rahul Khullar said.
Khullar said on Tuesday that rising trade deficit is a matter of concern.
"Look, any deficit of the order of $120 billion is serious, but as long as it does not go over the top it can be financed," Khullar said.
India's July trade deficit is seen at $12.93 billion.
A logo is seen at a BP fuel station in London
Vietnam's state oil group Petrovietnam is still reviewing whether to bid for BP's stake in a gas project within the country, Vice President Do Van Hau told Reuters on Tuesday.
"We haven't asked the government to approve (a deal). We are still considering what we are going to do," he said on the sidelines of a conference in Seoul.
He was speaking in reaction to an online newspaper report early this month that Hanoi-based Vietnam Oil & Gas Group, better known as Petrovietnam, plans to bid for the asset once it obtains government approval.
"We don't have a decision yet. We are reviewing it," he added.
BP plans to sell its 35 per cent stake in the Nam Con Son gas project as part of its goal of selling $30 billion in assets over the next 18 months to cover costs for containing the oil spill in the Gulf of Mexico.
Petrovietnam has a 20 per cent stake while Ind
A salesman displays gold chains at a jewellery showroom in Hyderabad
India gold demand slowed on Tuesday as the rupee weakened, which made the dollar-quoted asset expensive, dealers said.
Sales had picked up on Monday as overseas prices dipped, they added.
"I made good sales yesterday... we booked around 120 kgs at $1,227-1,231 (an ounce) but it has slowed due to rupee," said a dealer with a state-run bank in Mumbai, which deals in bullion.
The rupee extended its drop to fresh one-week lows tracking losses in the domestic sharemarket and weighed by the euro's fall overseas.
The rupee plays an important role in determining the landed cost of the yellow metal, which is largely imported.
International gold, which guides the domestic market, was trading at $1,219.35/1,219.80 an ounce as against the previous close of $1,223.40/1,227.40.
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